The twoyear yield at 4. 22 joe. Honeywell is out with the First Quarter profit of 2. 25 a share. Revenue 9. 11 billion. The forecast was 9. 03 billion a little bit better than expected look at lets get to meta he did not change it to a. I. They are still spending more on the metaverse or part of the a. I. Spending . Who are they who are you . It is part of the metaverse shares of meta plummeted after the Company Issued a light forecast is overshadowed what was better than expected First Quarter results. I want to bring in dan flax. It was a fascinating call. In many ways, Mark Zuckerberg called it. A lot of volatility around the stock in what he calls these type of periods when they invest in this stuff. The question is whether investors and like them investing in this stuff, dan, and the market spoke last night. We have seen this movie before, perhaps. Good morning, andrew. We have seen this movie before with the transition to stories they have done well with reels in the last 24 months. What we see in a. I. Makes sense from the investment standpoint it will take time to monetize and Revenue Growth while strong and moderate over the course of the year it is the right strategy they are laying the foundation for future growth and we have to see how the next several months and 2025 play out. Is this a different perspective that you have than you might have had or other investors had two or three years ago when they were investing heavily in what was described as the met thhametaverse a. I. And investments they are making in the data centers is one example are a little bit different. If i contrast it with the metaverse and devices, the devices are really about trying to build products and build a new platform beyond the mobile era where apple and googlioglha been dominant. This is delivering a riecher experience for users as it were to get more functionality. On the other side with advertisers as well. That is directly related to their core business and i think it makes sense of course, there are elements of a. I. In the metaverse. Metaverse will take much longer to build out a lot of what i think mark is trying to do here is to, as you said, create a platform that isnt reliant on android or apple, but the question is can effect toively take control of t back so much of what theyre doing has to work effectively on top of these other platforms i think in the future he is still and meta is still going to need to build and be successful on top of other platforms. If they are able to did o that, though, and the track record is strong on their platform with the users and advertisers to create value they had success with small and medium businesses globally i expect that to continue. That is how the Technology Industry and broader ecosystem works. Dan, i guess part of the question people have is you can see the real base case and reasons that microsoft is doing this spending because theres a huge potential market and huge market for use cases when it comes to business. Use case is when it comes to the consumer are a little harder to find your way around at least ones you can monetize and maybe they need to lay that out more i do realize when it comes to advertising and what they have been able to deploy is advertising which outshines competitors. It may be a tough case with the monetizing i think for the consumer and the distinction you make, becky, is correct in terms of the enterprise you can invest we will see with microsoft and azure tonight. It is generating quantifiable revenue. With meta, it will take time it will manifest in a different way. You will see user metrics continue to remain healthy you will see more and more engagement with video and more immersive experiences. The ability to tease out exactly how it is being monetized with the generative a. I. Will be tougher. I think the end result will be a healthy user base and durable growth for the advertising business again, it will take a little bit of time. Finally, when do you think there will be advertising built into all this . On the engagement with llama in the past two weeks built into instagram and facebook, im playing with it more im genuinely i dont think everybody is doing that. You think it will be in six months i do. You are good at early adoption and using it. I think what will happen is more people will use it to create generative images of their families they will edit videos. I think it will keep you in this in a way and that is part of the goal, dan, to keep you on the platform the question is, is this cokeepn you on the platform or new ways to sell advertising. I have meta glasses. When will they feed me advertising . That is interesting from the revenue perspective. I think on the glasses, andrew, it will take a few years for them to infuse significant advertising there because the User Experience has along way to go to mature with glasses and those devices to optics. It needs to get better on the core business, i expect in the coming months and next year, generative a. I. To tr contribute to the User Experience and they are Building Tools to help monetize which drives revenue for facebook. Dan, thank you. Thank you ibm shares are lower this morning. The Company Reported earnings of 1. 68 a share. That was 8 cents better. Revenue lower than expected and the Software Revenue and Ck Consulting revenue below expectations the Company Announced it is acquiring hashi corp for 35 a share. The deal had been rumored since tuesday. I think the stock is doing better if it was hashishcorp we need to give more color than what we have i read your story. Can we talk about it at the end . Sure. Lets tell everybody the immediate news ford shares are higher this morning after earnings of 49 cents a share which Beat Estimates of 42 cents. Revenue lighter than expected. Sales of trucks offset losses in the electric vehicle segment the company maintained gooid an guidance and the Capital Spending on the electric vehicles is that what you want to dig into it is up a little the notion is they didnt do worse than what was possible in ev losses. The ev loss for the quarter was 1. 3 billion operating loss they sold 10,000 evs do the math. For every ev the company sells, it is losing 130,000. It is not getting fafarley said is not there the losses in the ev unit with the 1. 3 billion here the Company Still has huge profits from big f150 gas guzzlers bizarre. Its what we have seen. He said it will be profitable soon i dont know how i think at one point, one of the guys at ford said watch out, elon were coming they said that not too long ago. Were coming, but losing 130,000 for every Single Person who walks off the lot. The dozens of people who are buying. If you have 10,000 in sales, it is not profitable it could be down the road. They are doing what meta did after the metaverse spending and say we are reining things in besides the f150, your favorite thing hybrids. That offsets the weakness in the ev you know what i look forward to every day . What . The squawk planner. It is a highlight for so many viewers who are marking their calendar look at the data here is the key Economic Data we are getting. Weekly jobless claims is coming up the first read on gdp in the First Quarter all at 8 30. The number to beat is growth rate of 2. 4 that would be down from 3. 4 in the prior quarter. On the earnings calendar, we hear from caterpillar and merck and comcast. After the closing bell, we hear from alphabet and microsoft and intel. Coming up, the protests expanding on College Campuses. House Speaker Mike Johnson is threatening to pull federal funding. Those details are next. Huge lineup ahead. Including long time tesla investor ron baron and robert kraft. He is talking about something much more important than the patriots some people think there is nothing more important than the patriots this is important. Bobs efforts here. Ftc chair lieina khanill we with us. Squawk box will be right back. Announcer this cnbc program is sponsored by baird. Visit bairddifference. Com. At mor anley, old school hard work meets bold new thinking. laughter at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. Old school grit. New world ideas. Morgan stanley. Youve got xfinity wifi at home. Take it on the go with Xfinity Mobile. Customers now get exclusive access to wifi speed up to a gig in millions of locations. Plus, buy one unlimited line and get one free. Thats like getting two unlimited lines for twenty dollars a month each for a year. So, ditch the other guys and switch today. Buy one line of unlimited, get one free for a year with Xfinity Mobile plus, save even more and get an eligible 5g phone on us visit xfinitymobile. Com today. House Speaker Mike Johnson is calling on columbias president to resign if she cannot bring order to the campus he is threatening to pull federal funding for schools that dont create Safe Environments for jewish students. He hinted the National Guard could step in if the violence is not stopped. We met with the president and top officials before we came out on the steps here. We encouraged her to take immediate action and stamp this out. Our feeling is they have not acted to restore order on the campus this is dangerous. This is not Free Expression or first amendment. They are threatening and intimidating the speakers appearance was met by boos and heckling of the crowd. He paused his remarks and said enjoy your free speech the propalestinians evncampmen was set up yesterday protests also he rerupted on the campus of new mexico at albuquerque. Police got involved in protests with some campuses and arresting 73 people at the university of Southern California in los angeles and 34 people at the university of texas in austin. It seems like these issues are stepping up close to the end of the school year. It is a shame for people who wanted to graduate columbia. I guess we dont need to run a sound bite these tents are set up next to the kick ball where jason was located . We talked to him right after. They must have stopped playing kick ball. All those whackos. They shutdown the yard. You needed a student identification it is happening we have talked about how students protest in general. What is different about this is i read a letter posted online from the jewish students at columbia here is what they have been hearing in terms of the protests hamas make us proud. Take another soldier out we say justice, you say how. Burn tel aviv to the ground. Hamas, we love you we support your rockets. Hamas, give them hell. Those are chants thats different from peaceful protests. There were a lot of Business Leaders who watch this broadcast and robert kraft has taken action we will see what influence that has on columbia. The truth is and i have been on the phone with him all week, most executives in america as businesses want to do nothing and say nothing. Everybody remains silent this is where you hire your employees. This is the culture of the next generation of all these businesses protesters. Yes you know, everybody talks about their responsibilities to society and responsibility to do something. All of the people watching this broadcast this second could do something. They hire from columbia and hire from the universities. I know last time we got into the debate whether you should hire from these places. You know, bill ackman said he would not hire some of the kids. Larry summers said that is a mistake. These kids are naive we are past the point of naive for anyone involved in the protests it is past the point of naive. This has been going on for a long time. We are no longer talking about the protests that were being made on october 8th or 9th the level of vitriol or antisemitic speech. The innocent students will be harmed from this all of the other students from columbia and other universities who also say nothing and sit in the corner and say im gonot gon to do it in any other environment, in any other environment, gays, blacks, you name the minority group, people would be screaming from the rooftops about the way this is going on. The ceos are only too happy to weigh in on all those progressive media safe issues. Bill ackman when we had him on, i said, bill, you have been enabling this. Im not going to say the s word he copped to it. He said you are right. I watched a lot of stuff go through. It comes home to roost, andrew if you are going to instill a lot of these progressive notions, it is not just this it goes across the board we have seen a slow seat in the academia it is an echo chamber. How can it be every college like this it is a sick and sad situation get the masks off. You will not not hire people if you dont know who is at the demonstrations in the first place. I can understand why biden doesnt say anything really solid because he has to win michigan he has all where is the ceo up for reelection is he worried about customers . I hear it all the time. When Michael Jordan said republicans buy snsneakers, too. All of the woke companies did not care what they did to the right. Now it comes home to roost. It is not about the right. It was back then. Its about guns. It is antisemitism that is through the whole country. I understand. It has come back to roost. They will tell you because they think their customers will come for them and boycott their companies. Not just the kids broader. Employees are going to make a problem for them all of these folks who have some moral center, but dont know what to do with it are saying if i want to say something, but i cant. That, to me, is a sad state of affairs of where we are in america today. The leaders of the Business World which will pay all of these people money eventually are not willing to say enough. Were not doing it this way. It is a powder keg right now. You remember andrew, you are right you dont remember the 60s netanyahu is not finished. They are thinking what to do in the remaining bastion where hamas is what will happen them . What environment will we live in at that point . Once the fuse gets lit, how do they go to usc and university of texas austin and high schools now. Im confused where it came from. I guess we have been lulled into a false sense of security who these colleges are hiring. Under the radar the point im making, it is not just universities. The kids i dont know, they are ideolistic. There is a need for education. People need to understand what is happening here. Who doesnt know what happened on october 7th by now i dont know. The point being made if you said this about any other african americans, you would never work in academia again if you said that. They are saying that they are saying that. Thats what im saying. I dont understand nothing more to say. What about mike johnson no federalfunds for colleges that allow this to go on a lot of these are private institutions it is an interesting one. I dont know that one is harder for me. Im more of a private sector guy. I know you think im not public money moves debate. Were wrapped in a riddle the surrounded by a conundrum. Shares of sanofi are rising after beating expectations the ceo will join us after the break. And on may 4th, Warren Buffett will hold court at the berkshire kahathaway annual meeting. If youant wto submit a question, send them to us and we will ask them during the meeting. Squawk box will be right back. When it comes to investing, we live in uncertain times. Some assets can evaporate at the click of a button. Others can deflate with a single policy change. Savvy investors know that gold has stood the test of time as a reliable real asset. So how do you invest in gold . Sandstorm gold royalties is a publicly traded Company Offering a diversified portfolio of mining royalties in one simple investment. Learn more about a brighter way to invest in gold at sandstormgold. Com. Unnecessary action hero. The nemesis. Leit appears that despite myay to isinister gold efforts, employees are still managing their own hr and payroll. Why would you think mere humans deserve to do their own payroll . Because their livelihoods depend on it . Because they have bills to pay . Hear me now, paycom return the world of hr and payroll to its rightful place of chaos or face a tsunami of unnecessary the likes of which you have never seen what is cirkul . Cirkul is the fuel you need to take flight. Cirkul is the energy that gets you to the next level. Cirkul is what you hope for when life tosses lemons your way. Cirkul, available at walmart and drinkcirkul. Com. Welcome back sanofi reported better than expected profit for the First Quarter. Joining us is the ceo paul hudson paul, thank you for being here why dont you talk about what happened with the numbers. Profits were down with the effects. You know, it has been a great start to the year for us we are happy with how things are progressing. The pipeline is continuing to evolve news flow is building. Performance is strong and we have been working toward this year for some time this was forecast to be one of the tougher quarters and as we get deeper into the year, we hope to gather more momentum it looks like the Market Reaction is pretty good. 5. 25 increase in the shares this has been a big part of the story that you have been trying to get through to investors. You shocked investors when you talked about how you were going to be making investments for the long haul. Do you feel like you are getting confidence back from the same investors . This is the truth we said we would double down on science. We said we would accelerate the number of programs in phase three. 90 of the pipeline is first in class or best in class you need to do that. That work takes time we have been at it for a little white now. While now. We are going into full launch mode we dont have loss of excl exclusivity ahead of us. As we get into the launch mode and were